QI. We use the data for Space Mars of cost driver and Indirect_Manufacturing Labor Costs. (Data) cost driver: Machine Hours(X) Indirect Manufacturing Labor Costs(Y) 1,200 week 1 68 70 1,400 67(lowest) 90(highest) 7 1,180 8 1,650 (Results) SUMMARY OUTPUT
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- The chief economist for Argus Corporation, a large appliance manufacturer, estimated the firm’s short-run cost function for vacuum cleaners using an average variable cost function of the form AVC = a + bQ + cQ2 where AVC = dollars per vacuum cleaner and Q = number of vacuum cleaners produced each month. Total fixed cost each month is $180,000. The following results were obtained: a) Are the estimates ˆa ,ˆb , and cˆ statistically significant at the 2 percent level of significance? Which is/are significant and which is/are not? b) Do the results indicate that the average variable cost curve is ∪-shaped? How do you know?c) If Argus Corporation produces 8,000 vacuum cleaners per month, what is the estimated average variable cost? Marginal cost? Total variable cost? Total cost? d) Answer part c, assuming that Argus produces 10,000 vacuum cleaners monthly. e) at what level of output will average variable cost be at a minimum? What is the minimum average variable cost?Determine the best (according to sum-of-squares-measure) curve y = Aebx , through the data above. Transformed equation ln(y) = ln(A) + bx or Y = a + bx.The owner of a moving company typically has his most experienced manager predict the total number of labor hours that will be required to complete an upcoming move. This approach has proved useful in the past, but the owner has the business objective of developing a more accurate method of predicting labor hours. In a preliminary effort to provide a more accurate method, the owner has decided to use the number of cubic feet moved as the independentvariable and has collected data for 36 moves in which the origin and destination were within the borough of Manhattan in New York City and in which the travel time was an insignificant portionof the hours worked. The intercept for the sample regression line that the owner has computed is -2.37 and the slope is 0.04. If the actual number of labor hours for moving 407 cubic feet is 33.47. What is the error of prediction? Hint: Provide answer accurate to 2 decimal places.
- Assume we have data demonstrating a strong linear link between the amount of fertilizer applied to certain plants and their yield. Which is the independent variable in this research question?A manufacturing firm, Caleb Corp, produces and sells product in its home (US) market, and in a foreign market. There is inherent risk in the revenues collected from the foreign market due to volatility in the exchange rate. Under a benchmark strategy, all of the production takes place in the home country. The resulting expected profits for Caleb Corp are variable, due to variation in the exchange rate. As an approximation, the firm has estimated profits for five possible ranges of the exchange rate, with profit represented as a lottery, L= (.2, 150; .2, 200; .3, 220; .2,250; .1, 270) The probabilities are estimated probabilities for the different ranges. The outcomes in this lottery are the estimated final profit levels (not changes in profit). (a) Calculate the expected profit if the firm follows this benchmark strategy, i.e., E(L)A manufacturing firm, Caleb Corp, produces and sells product in its home (US) market, and in a foreign market. There is inherent risk in the revenues collected from the foreign market due to volatility in the exchange rate. Under a benchmark strategy, all of the production takes place in the home country. The resulting expected profits for Caleb Corp are variable, due to variation in the exchange rate. As an approximation, the firm has estimated profits for five possible ranges of the exchange rate, with profit represented as a lottery, L= (.2, 150; .2, 200; .3, 220; .2,250; .1, 270) The probabilities are estimated probabilities for the different ranges. The outcomes in this lottery are the estimated final profit levels (not changes in profit). Now suppose the firm can also buy forward contracts on foreign currency to neutralize the effect of the exchange rate on profits. Assume that these provide complete hedging, but that it involves an additional cost, so that following the…
- b. Find the equation of regression line between radiation doses on exposure time .usingleast square method.The attached cost-output data were obtained as part of a study of the economies of scale in operating a charter high school in Wisconsin:What type of cost-output relationship (linear, quadratic, cubic) is suggested by these statistical results?The Pilot Pen Company has decided to use 15 test markets to examine the sensitivity of demand for its new product to various prices, as shown in the following table. Advertising effort was identical in each market. Each market had approximately the same level of business activity and population.a. Using a linear regression model, estimate the demand function for Pilot’s new pen.b. Evaluate this model by computing the coefficient of determination and by performing a t-test of the significance of the price variable.c. What is the price elasticity of demand at a price of 50 cents? TEST MARKET PRICE CHARGED (¢) QUANTITY SOLD(THOUSANDS OF PENS) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 50 50 55 55 60 60 65 65 70 70¢ 80 80 90¢ 90 40 20.0 21.0 19.0 19.5 20.5 19.0 16.0 15.0 14.5 15.5 13.0 14.0 11.5 11.0 17.0
- The owner of a moving company typically has his most experienced manager predict the total number of labor hours that will be required to complete an upcoming move. This approach has proved useful in the past, but the owner has the business objective of developing a more accurate method of predicting labor hours. In a preliminary effort to provide a more accurate method, the owner has decided to use the number of cubic feet moved as the independent variable and has collected data for 36 moves in which the origin and destination were within the borough of Manhattan in New York City and in which the travel time was an insignificant portion of the hours worked. If the sum of squares Y is 1,513.32 and the sum of squares error is 176.22. What proportion of variation in labor hours is explained by the number of cubic feet moved? Hint: Provide answer accurate to 4 decimal places.The owner of a moving company typically has his most experienced manager predict the total number of labor hours that will be required to complete an upcoming move. This approach has proved useful in the past, but the owner has the business objective of developing a more accurate method of predicting labor hours. In a preliminary effort to provide a more accurate method, the owner has decided to use the number of cubic feet moved as the independent variable and has collected data for 36 moves in which the origin and destination were within the borough of Manhattan in New York City and in which the travel time was an insignificant portionof the hours worked. The intercept for the sample regression line that the owner has computed is -2.24 and the slope is 0.03. What is the predicted number of labor hours for moving 484 cubic feet? Hint: Provide your answer accurate to 2 decimal places.Determine the best (according to sum-of-squares-measure) curve y = Aebx, through the dataabove.Transformed equationln(y) = ln(A) + bxorY = a + bx.